Retail vs AMZN, What We Saw/Heard Yday, YUM Selling Pizza Hut For $2.7bn

Research evidence excerpt

Retail vs AMZN, What We Saw/Heard Yday, YUM Selling Pizza Hut For $2.7bn

Briggs Barton - Specialist Sales - US Consumer AC North America Specialist Sales J P M O R G A Nbriggs.barton@jpmorgan.com

J.P. Morgan Securities LLC 16 June 2026

Retail vs AMZN, What We Saw/Heard Yday, YUM Selling Pizza Hut

For $2.7bn

Briggs Barton

+1 212 622 2677

briggs.barton@jpmorgan.com

MORNING UPDATE

• RETAIL vs AMZN— Episode 14: Retail vs. AMZN in an Agentic World; Deep Dives into the AMZN/WMT Battle

• THEMES & FLOWS — What We Saw/Heard on The Desk Yday

• YUM — Making Dough… Selling Pizza Hut for $2.7bn and Board Approves Incremental $4bn Buyback

DETAILED COMMENTARY & CONSUMER RESEARCH

RETAIL vs AMZN — Episode 14: Retail vs. AMZN in an Agentic

World; Deep Dives into the AMZN/WMT Battle

Chris Horvers and Doug Anmuth are out with their annual Retail vs AMZN 100+ pg deep dive note (year 14!) which has great

color on how the digital and physical shopping landscape will progress in an agentic world, as well as detailed head to head

update on AMZN vs WMT competitively. Chris and Doug are hosting a webinar at 10AM to discuss – register here.

Key takes and some charts below. On the stocks, Chris is emboldened by WMT flywheel accelerating and Wayfair potential for

share gains and margin expansion (his only 2 Analyst Focus List stocks).

• WMT ---> Evidence that the flywheel is accelerating is mounting with (i) persistent double digit Walmart + member

growth, now 22MM households strong in the US, aided by new features such as 30 min subway delivery from 1200 locations

inside its stores, 35% growth in 3P GMV in 2025 to an estimated $19B last year and up 50% in 1Q with 1Q’s same day next

day units up 126%, and 95% of US population reachable same day, and 30% advertising revenue growth. This means